India's oil ministry has asked state-controlled upstream company ONGC to divest its stake in the Mumbai High and Bassein & Satellite oil fields, and to identify areas to rope in private-sector participants to increase production.
The company was asked to divest a 60pc stake in the fields off India's west coast, which are ONGC's biggest producing assets, source close to the company told Argus.
The company has to explore more to raise domestic output and has to invite private-sector and foreign participation, petroleum ministry secretary Tarun Kapoor said, adding that ONGC should identify areas to involve the private sector.
India is the world's third largest energy consumer and imports nearly 84pc of its crude needs. The government has been taking steps to increase domestic production, which will reduce its dependence on foreign crude.
